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Tax News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Buy-to-let market faces tough new rules - January 18, 2016
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Last year’s Autumn Statement saw the introduction of a number of new measures, which could have a significant effect on the booming buy-to-let property market. The Chancellor announced during his speech to the Commons a number of new measures that could affect property investors. Chief among these proposals is the introduction of a three per … Continue reading Buy-to-let market faces tough new rules


BIKs review means tax exemption - January 18, 2016
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The Government is set to implement a statutory tax exemption from income tax and National Insurance Contributions for low-value benefits in kind (BIK). As part of the Finance Bill 2016, it will be set at a £50 limit from 6 April this year. Furthermore, qualifying ‘trivial’ BIKs that are given to directors or other office … Continue reading BIKs review means tax exemption


Getting digital with online Personal Tax Accounts - January 18, 2016
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Many UK taxpayers are now able to manage their tax affairs following the launch of Personal Tax Accounts. More than a million customers completing their self-assessment have been provided with an online Personal Tax Account (PTA) that provides a clear view of the tax paid and benefit entitlement, which will enable users to update their … Continue reading Getting digital with online Personal Tax Accounts


Chancellor backs away from deeds of variation abolition - January 15, 2016
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For decades, rumours have circulated regarding the abolition of deeds of variation. In last March’s budget there were fears that the Chancellor might, as part of his review of IHT, introduce tighter controls on the use of deeds of variation. Thankfully, these initial fears have proved unfounded – for the time being at least – … Continue reading Chancellor backs away from deeds of variation abolition


Clarity on liabilities over unused pension funds - December 17, 2015
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The Autumn Statement (25 November) has shed new light on inheritance tax (IHT) procedure, with retrospective action limiting the liabilities of pension scheme members. The Government is to backdate legislation to prevent the paying-in public from being charged IHT if their drawdown funds are not completely used before death. The measure – applying to deaths … Continue reading Clarity on liabilities over unused pension funds


HMRC turns attention to ‘affluent’ taxpayers - December 17, 2015
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HM Revenue & Customs (HMRC) has announced that it has doubled the number of inspectors trawling through the tax files of individuals earning £150,000 or more. Until recently, the taxman was mainly investigating ‘high net worth’ individuals – those earning £1 million or more – but now HMRC’s attention has moved to those a little … Continue reading HMRC turns attention to ‘affluent’ taxpayers


Pension savers still in the dark about tax - December 17, 2015
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According to new research, more than half of pension savers are unsure of the tax rules surrounding the pension freedoms introduced earlier this year. A study conducted by employee benefits consultancy Portus found that 53 per cent of retirement savers are unsure about the taxation of pensions, while only 26 per cent were aware that … Continue reading Pension savers still in the dark about tax


Autumn Statement 2015 - November 25, 2015
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Statement Summary For the third time in 2015, the Chancellor of the Exchequer has taken to the despatch box to update the Commons and country as a whole on the state of the nation’s finances. There was a lot of debate ahead of today’s Autumn Statement about the approach that George Osborne would take. Would … Continue reading Autumn Statement 2015


IHT warning amid ‘catch’ in the system - November 13, 2015
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A ‘hidden’ rule means assets given away as many as 14 years before someone’s death could land recipients with tax liabilities. IHT’s ‘seven-year rule’ is well-known and dictates that if a person dies within seven years of establishing a trust, its assets are usually taxable. Conversely, those surviving the seven-year period see the gift freed … Continue reading IHT warning amid ‘catch’ in the system


Stamp duty tax take rises as house prices increase - November 13, 2015
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Official figures show that house prices in England have risen considerably faster than in the rest of the United Kingdom in the past year. House prices increased by 5.6 per cent in England, 0.8 per cent in Wales, 2.9 per cent in Northern Ireland and fell 0.9 per cent in Scotland, according to figures from … Continue reading Stamp duty tax take rises as house prices increase


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